Sacramento, California, USA, 24 November 2009 -- ECO2 Forests Inc. (Pinksheets:ECOF
), an international sustainable forestry company focused on reforestation and carbon sequestration projects, wishes to amend information regarding its previously announced 2009 acquisition of 20,000 acres in the South Pacific country of Vanuatu for its first major reforestation project.
As per the terms of the agreement with the seller, the cash deposit for the land has been paid in full and the remaining balance for payment by way of 55,000,000 preferred shares of the company still requires further steps to be completed. The majority shareholders and the board of directors of ECO2 Forests, Inc. have consented to the creation of the subsequent issue of the preferred shares; however an amendment to the company's Articles of Incorporation is required to be filed with the state of Nevada. After such Nevada state filing is made, the board will then issue an appropriate Certificate of Designation. The specific terms of such Certificate of Designation are being determined by the board.
The company strongly supports the transaction and the opportunity to work closely with a lesser developed country such as Vanuatu. More information will be released in the coming weeks as the additional steps to complete this acquisition are finalized.
ECO2 Forest Inc. (Pinksheets:ECOF - News) is an international sustainable forestry company focused on reforestation projects under our Global Forestry Plan for a positive environmental and economic impact through large scale bio-sequestration of carbon dioxide greenhouse gases, the generating of carbon credits for resale and the eventual growth and sale of sustainable timber to global markets.
In management's view, the company's focus on proprietarily developed intellectual property regarding Kiri tree reforestation positions the company well to take advantage of the emerging demand for renewable forests and the escalating carbon credit market.
Headquartered in Sacramento, California, the company has adopted an "E4 philosophy" to achieve positive environmental, economic, employment, and educational outcomes through its reforestation projects. For more information, visit www.eco2forests.com.